First digital yuan wallet seizure, China’s $10B Web3 fund, Starbucks NFTs: Asia Express
Chinese VC whale pledges $10B for VR, NFTs and Metaverse
GBA Capital, a Chinese venture capital fund based in Shenzhen, has pledged $10 billion for an inaugural Web3 fund focusing on virtual reality, metaverse assets, and non-fungible tokens.
During the Guangdong-Hong Kong-Macao Greater Bay Area Digital Economy Development Conference on December 26, Haolong Li, Chairman of GBA Capital,saidthat its new Web3 Fund will help the region become the “world’s meta-asset capital.”
GBA Capital is backed by China’s state-owned National Engineering Laboratory and financial institutions including the Asia Pacific Investment Bank and China Europe International Financial Group. The firm provides education training, industry capital, and investment incubation for Web3 and AI startups.
Tencent’s new blockchain fleet management patent
Chinese technology conglomerate Tencent has been awarded a patent for managing vehicle fleets using blockchain technology. According to local news reports on December 27, the patent, approved by China’s Intellectual Property Office, involves converting vehicle license plates to hash values and then verifying the hash against vehicle information stored on a public blockchain.
The procedure would allow service providers such as car rental companies and parking attendants to monitor the real-time movements of their vehicles with greater accuracy. Tencent first filed the patent application on November 29, 2019.
In recent years, the Chinese internet giant has been keen on research and development of Web3 and blockchain technology. On September 7, the company unveiled the “biggest AI language-learning model ever” with over 2 trillion data training parameters.
Starbucks’ NFT experience in Korea
Starbucks will begin issuing NFTs in South Korea in January 2024. Local news outletsreportedon December 21 that the coffee chain’s upcoming NFT drop is designed to encourage people to bring in their own cups to purchase Starbucks coffee drinks with, and will be held in conjunction with a new “tumbler coupon policy.” Any customer who orders a coffee with a reusable tumbler or mug can exchange the coupon for a grande-sized drink and may receive NFT rewards.
The number of Starbucks customers using personal coffee cups grew from 17.4 million in 2019 to 25.3 million in 2022. Last September, the coffee giant unveiled a new experience for members, allowing U.S. customers to earn and buy digital collectible stamp NFTs. The NFTs can then be exchanged for perks ranging from receiving a virtual espresso martini-making class to accessing unique merchandise to exclusive events invites at Starbucks Reserve Roasteries and possibly trips to the Starbucks Hacienda Alsacia coffee farm in Costa Rica.
